ZAWYA-NEWS: Saudi-based SAIC renews $16mln Islamic loan facility with Al Rajhi Capital

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Saudi Advanced Industries Company (SAIC) has renewed its 60 million riyals ($16 million) shariah-complaint loan facility with Al Rajhi Capital.

The facility has a one-year tenor, with the Tadawul-listed investment firm planning to deploy the capital to fund its expansion plan.

SAIC said it has pledged a portion of its investment portfolio assets equivalent to the value of the credit facilities as a guarantee, along with a promissory note.

A month earlier, the company had renewed a SAR 100 million credit facility with Alinma Bank to support its expansion.

https://www.zawya.com/en/capital-markets/loans/saudi-saic-renews-267mln-shariah-complaint-loan-facility-w6fkx6ya

(Writing by Bindu Rai, editing by Brinda Darasha)

bindu.rai@lseg.com

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